#CryptoCorner: BTC Rallies Following China’s Blockchain Endorsement, Bakkt to Launch Consumer App and Argentina Sees BTC Trading Spike After USD Purchases Restricted
#CryptoCorner: BTC
Rallies Following China’s Blockchain Endorsement, Bakkt to Launch Consumer App
and Argentina Sees BTC Trading Spike After USD Purchases Restricted
Point Roberts WA, Delta BC, October 28,
2019 - Investorideas.com, a leader in
crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on
what’s driving the cryptocurrency market .
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to today’s Crypto Corner Podcast:
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this in full at https://www.investorideas.com/news/2019/crypto-corner/10281BTC-Bakkt-Argentina.asp
Stocks discussed: (SSE:600797) (SZSE:002657)
(SZSE:002570) (HKEX:1357) (NasdaqGS:FB) (NYSE:ICE)
The crypto market
exploded on Friday with a price surge in Bitcoin (BTC) from around
$7,500 to a peak of just over $10,000, according to data from CoinMarketCap. This is the
highest trading price Bitcoin has seen since September 22. The consensus seems
to be that this rally was brought on by Chinese President Xi Jinping’s
announcement of increased investment into blockchain technology.
Bloomberg reports that there
was a surge in Chinese investor interest in blockchain stocks in the wake of
this announcement, and the resulting rally. An excerpt reads:
The gains were widespread Monday, with Insigma
Technology Co. (SSE:600797) and Sinodata Co. (SZSE:002657) among more than 60 tech shares surging by the daily
limit in Shanghai and Shenzhen. The excitement coincided with a 26% rally in
Bitcoin, and also boosted stocks with more tenuous connections to blockchain,
like baby-food producer Beingmate Co. (SZSE:002570) and selfie-app developer Meitu Inc. (HKEX:1357)
Li Shiyu, fund
manager at Guangdong Xiaoyu Investment Management Co., is quoted in the
article:
“Most of these companies, especially those that are
just beginning to state their connection with blockchain today, are trying to
take advantage of the hype. It shows how much excitement can be triggered by
something stressed as a priority by the top man himself.”
This pro-blockchain
sentiment exhibited by the Chinese government was seemingly foreshadowed by
Facebook (NasdaqGS:FB) CEO Mark Zuckerberg. An excerpt
from a TechCrunch article covering
Zuckerberg’s Congressional hearing last week reads:
“As soon as we put forward the white paper around the
Libra project, China immediately announced a public private partnership,
working with companies . . . to extend the work that they’ve already done with
AliPay into a digital Renminbi as part of the Belt and Road Initiative that
they have, and they’re planning on launching that in the next few months.” He
later said that for Libra, “Chinese companies would be the primary competitors.”
Bakkt, the digital
assets firm owned by Intercontinental Exchange (NYSE:ICE), plans to develop
a consumer app and merchant portal, according to a blog
post
by Mike Blandina, the company’s Chief Product Officer. He wrote:
We’ll be launching a consumer app to make it easy for
consumers to discover and unlock the value of digital assets, as well as ways
in which they can transact or track them. Merchants gain access to a broader
set of customers with expanded spending power.
Cointelegraph reports that
Argentina’s central bank has reduced the monthly maximum amount of U.S. dollars
people can by from $10,000 to $200 in an effort to stabilize the country’s
Argentine peso (ARS). Perhaps resulting from this, the article indicates that
for the week ending Oct. 26, accounts traded 14.15 million ARS ($240,000) in
Bitcoin.
Sam
Mowers, Investorideas
For
investors following the sector Investor Ideas has a comprehensive Bitcoin, Blockchain
and Digital Currency Stocks Directory
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